Millennials are quickly infiltrating into the workplace, so Millennial retention rates will soon become a much more important to employers. So, here are some facts from Glassdoor to help that process!
Millennials VS Baby Boomers
Far less Millennials believe in the importance of holding a job for a lengthy period of time than “Baby Boomers”. While 41% of Baby Boomers believe that you should stay with an employer for at least than 5 years, only 13% of Millennials agreed.
Therefore, when it comes to increasing Millennial retention rates, you are going to be at a disadvantage in comparison to retaining Baby Boomers. This means that retaining this new workforce will require you to be more pro-active, providing them with real reasons to remain loyal to your company.
Retirement
So as I’ve said, you need to put a bit more effort into giving Millennials a reason to stay – one of these ways is by offering retirement benefits. 76% of Millennials claimed that retirement benefits are a huge influence in whether or not they will accept a job. So, if your current pension scheme is currently lacking, it may be worth reviewing it if you are trying to increase Millennial retention rates.
Money Money Money
Millennials have a pretty strong moral code, and most of them feel uncomfortable doing something they can’t emotionally invest in. This is shown in the statistic that 64% of Millennials would take a job they loved for far less money ($40k in this study) over a job they hated for far more ($100k). They are willingly sacrificing $60,000 for a job they love! That means that retaining Millennials may lie in creating a more enjoyable workplace, with moral values they can invest in.
The Career Ladder
Not only do Millennials have a strong moral code, they are also incredibly ambitious! 60% of them claimed that the opportunity for progression was the most attractive thing a job could offer. This can be career progression – the opportunity to move up through the company – or personal development – a chance to complete further training. Therefore, one of the best ways for you to retain the Millennials on your team is to offer them the chance to move up and grow – constant development is ideal for this demographic.
Hopefully this list has given you an idea of how to increase Millennial retention rates, and you can find some more blog posts about Millennials in the workplace here. If you need advice on which recruitment solution is for you, we are now offering free recruitment consultations – no strings attached!